Vienna, Austria— Continuing with its initiative to support businesses across the world, the OPEC Fund for International Development (the OPEC Fund) is providing a US$50 million loan to Banco Continental in Paraguay for on-lending to small- and medium-sized enterprises (SMEs) in agricultural and livestock sectors.
The investment is part of OPEC Fund’s Food Security Action Plan and will supply financing needs of farmers, small agricultural and livestock SMEs, which are key for Paraguay’s economic sustainability and employment.
OPEC Fund Director-General Abdulhamid Alkhalifa said, “Global food security is a priority area for the OPEC Fund and it is critical to support agribusinesses in food exporting countries such as Paraguay. Building on our strong partnership with Banco Continental, we are reaching businesses in this vital sector for Paraguay’s economy, ensuring that they have access to funds, increase links to global value chains and contribute to the economic sustainability in Paraguay.”
In 2022, the OPEC Fund has launched its Food Security Action Plan, dedicating US$1 billion over the next three years to provide immediate assistance to cover the import costs of basic commodities such as seeds, grains and fertilizers, while supporting medium and long-term security of food supply in partner countries.
The OPEC Fund for International Development is a multilateral development finance institution established in 1976. Its 12 Member Countries are: Algeria, Ecuador, Gabon, Indonesia, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.
The organization works in cooperation with developing country partners and the international development community to support sustainable social and economic advancement in low- and middle-income countries around the world.
The OPEC Fund’s work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education.
